Class action threat against Bitcoin SV for ‘defrauding’ supporters

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR …

A British podcaster has proposed a class action lawsuit against Bitcoin Satoshi Vision for falsely claiming Satoshi’s endorsement.

In the wake of the stunning – but hypothetical at this stage – $5 billion judgment against Dr Craig “Satoshi” Wright, British podcaster Peter McCormack has proposed a class action lawsuit against Wright’s Bitcoin SV.

British podcaster Peter McCormack

McCormack, who is currently fighting a defamation battle against Craig Wright for calling him a “fraud”, said he will propose a class action lawsuit to his legal team for those who bought Bitcoin SV under the impression Wright is Satoshi Nakamoto and felt ‘defrauded’.

“I am thinking that a class action lawsuit would only be right for falsely claiming a technology is Satoshi’s Vision when CSW is not Satoshi,” he Tweeted this morning.

“This has affected a lot of people. I’ll be talking to both my US lawyers and those who have been defrauded.

“Let’s Wright this Wrong.”

50% of nothing is still nothing

Despite Judge Reinhart finding Craig Wright had lied, potentially falsified documents, and concocted a frankly “inconceivable” story about the whereabouts of more than one million Bitcoin – he nevertheless ruled the Kleiman family was entitled to 50% of the hypothetical stash.

(Wright is being sued by Ira Kleiman – bother of Wright’s late business partner Dave – for attempting to appropriate more than a million BTC held in a family trust).

Craig Wright

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR ever had access to the coins in question.

In fact, the Judge doesn’t even believe the ‘Tulip Trust’ – in which the coins are supposedly held – exists.

“The totality of the evidence in the record does not substantiate that the Tulip Trust exists,” said Judge Reinhart. “Wright’s testimony that this trust exists was intentionally false”

In fact, there’s plenty of evidence cited in the case that suggests Wright simply copied a bunch of wallet addresses from the blockchain that had made large transactions and claimed them as his own or Kleiman’s.

If Wright doesn’t have any coins, and never did, it would make his pronouncements that $2 billion of Bitcoin would need to be dumped to pay estate tax completely hollow.

Bitcoin SV holds up remarkably well

Bitcoin SV has held up remarkably well given the judgment – which Bitcoin SV booster Calvin Ayre claimed vindicated Wright as Satoshi and proved he had access to the Satoshi stash.

It’s currently got a $2.25 billion market cap.

Class action has supporters, but also doubts it could succeed

Plenty of followers were on board with the class action proposal including The Crypto Monk and Bitcoin Podcast host Joe Blackburn.

However, McCormack is likely to face a few hurdles with his class action.

As Jameson Lopp, creator of Statoshi and CTO at Casa pointed out, Wright didn’t call Bitcoin SV ‘Satoshi’s Vision’ but rather “Satoshi Vision’ “which could mean any number of things.

“Craig’s 5D chess is already way ahead of you”

Sorry but Craig’s 5D chess is already way ahead of you. He didn’t call it “Satoshi’s Vision” but rather just “Satoshi Vision” which could mean any number of things.

— Jameson Lopp (@lopp) August 28, 2019

And of course, McCormack first needs to win his own case against Wright – though that’s looking more likely after a UK judge dismissed Wright’s similar defamation case against Bitcoin Cash’s Roger Ver on the grounds it was ‘weak’ and ‘inappropriate’.

$10,000 bet Wright won’t move Satoshi coins

McCormack is also offering a $10,000 bet to any Bitcoin SV booster, that Wright won’t move any of the Satoshi coins within the space of a year – and offered 2-1 odds saying they could put up $5,000 as their stake.

Open bet available for any $BSV CSW cultist of the belief that Craig has the Satoshi coins.

I’ll put up $10k that none of these coins will be moved by CSW within a year, I’ll even offer you 2-1 odds, so $5k for you.

Money locked in escrow, paid out 1 year today.

— Peter McCormack (@PeterMcCormack) August 28, 2019

In a strange bit of timing, Craig Wright released a book yesterday called The Art of Bitcoin AND a new promotional campaign began for another book called Behind The Mask: Craig Wright and the Battle for Bitcoin by journalists Byron Kaye and Jeremy Wagstaff.

Ayre claimed the book would receive heavy promotion when Wright moves the coins out of the Tulip Trust.

“They started promoting the book that will have the background of Craig creating #Bitcoin. It’s nice timing to be out at the same time as Craig gets the Satoshi coins out of Tulip Trust. Also good timing with Judge just ruling Craig is Satoshi.”

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

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A $10000 bet Craig Wright can’t move Satoshi’s Bitcoin

The self-proclaimed Satoshi Nakamoto has officially lost the Kleiman case, with the judge ordering him to pay half of his pre-2014 Bitcoin to the estate …

Earlier this week, Wright lost the Kleiman case and was ordered by a judge to give away half of his Bitcoin holdings to the Kleiman estate. British podcaster Peter McCormack said he was willing to bet $10,000 that Craig Wright won’t be able to move the Bitcoin associated with Satoshi Nakamoto, even offering 2 to 1 odds to anyone willing to take the bet.

Wright vs Kleiman case ruling gets an interesting twist

The Craig Wright saga might not be coming to an end, but it sure is getting more interesting by the day. The self-proclaimed Satoshi Nakamoto has officially lost the Kleiman case, with the judge ordering him to pay half of his pre-2014 Bitcoin to the estate of his former partner.

And while the ruling itself didn’t come as a surprise due to Wright’s notoriety, Wright’s reaction to the court’s decision is something few expected. Contradicting previous claims that he is unable to access the fortune he mined in Bitcoin’s early days, Wright said he “has no choice” but to pay out almost $2.5 billion worth of BTC.

Many of his supporters warned about the potentially devastating consequences this could have on the crypto market, given that the Kleiman estate would have to dump around 40 percent of the coins to pay, or roughly $1 billion, to cover estate taxes.

This prompted British podcaster Peter McCormack to come up with an interesting offer to those who believe Wright is Satoshi Nakamoto. McCormack, who is currently embroiled in a libel lawsuit with Wright, said bet $10,000 that none of the coins associated with Satoshi Nakamoto will be moved within a year.

Open bet available for any $BSV CSW cultist of the belief that Craig has the Satoshi coins.

I’ll put up $10k that none of these coins will be moved by CSW within a year, I’ll even offer you 2-1 odds, so $5k for you.

Money locked in escrow, paid out 1 year today.

— Peter McCormack (@PeterMcCormack) August 28, 2019

He even offered 2 to 1 odds for the bet, saying the money would be immediately locked in escrow and paid out at the end of August next year to anyone that accepted the bet.

Crypto community mocks Wright as he begins book promotion

The crypto community welcomed McCormack’s call for the bet, with many pointing out he could have easily increased the odds to 100:1 to make things even more interesting. Some have even suggested that he opened up a prediction market for the bet.

@hodlhodl can you open a prediction market on this? I yes, this can bring quite some attention to your product.

— zender 🛡 use your full node! (@zndtoshi) August 28, 2019

While everyone was mocking Wright and discussing the repercussions of McCormack’s bet, Calvin Ayre was busy promoting a new book about Wright. The book, titled “Behind the Mask: Craig Wright and the Battle for Bitcoin,” written by Byron Kaye and Jeremy Wagstaff, describes a “thrilling, stranger-than-fiction story of Craig Wright.”

Calvin Ayre, a Canadian gambling tycoon and one of the biggest investors in Craig Wright and Bitcoin SV, broke the news about the book on Twitter. Ayre said that the promotion couldn’t have begun at a perfect time, as the book will be released at the same time when Wright is set to get his alleged coins out of the “Tulip Trust.”

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

McCormack responded to Ayre’s tweet with a quote from the judge’s ruling, who explicitly said that the existence of the “Tulip Trust” wasn’t supported by any evidence at all.

“The totality of the evidence in the record does not substantiate that the Tulip Trust exists. Combining these facts with my observations of Dr. Wright’s demeanor during his testimony, I find that Dr. Wright’s testimony that this Trust exists was intentionally false.” https://t.co/3dBwzztC02

— Peter McCormack (@PeterMcCormack) August 28, 2019

Bitcoin SV |BSV

Updated: Aug 29 at 1:31 am PDT

$122.13

-8.27%

Bitcoin SV, currently ranked #9 by market cap, is down 8.27% over the past 24 hours. BSV has a market cap of $2.18B with a 24 hour volume of $310.71M.

Chart by CryptoCompare

Bitcoin SV is down 8.27% over the past 24 hours.

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Filed Under: U.K., Bitcoin, People of Blockchain, Price Watch

Priyeshu GargPriyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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Craig Wright Continues to Falsify Documents (Allegedly)

Wright has famously claimed to be Satoshi Nakamoto, the founder of Bitcoin. He has filed a lawsuit against McCormack for allegedly slandering him by …

A recent Twitter post by Peter McCormack allegedly reveals that Bitcoin SV founder Craig Wright has falsified a document. The news broke through some careful detective work on the Social Science Research Network (SSRN) by the cryptocurrency influencer.

Wright has famously claimed to be Satoshi Nakamoto, the founder of Bitcoin. He has filed a lawsuit against McCormack for allegedly slandering him by denying that he is in fact, Nakamoto.

Wright’s newest document upload contains language that is very similar to the Bitcoin whitepaper abstract. The text appears to correspond almost exactly with the description of a peer-to-peer electronic cash payments system.

However, McCormack’s detective work appears to reveal that the document is not at all what it claims to be.

CSW up to his old tricks, so let’s debunk it before it is released. Yesterday he uploaded a document to SSRN claiming it was a paper he wrote in 2007 with a similar paragraph to the Bitcoin White paper. pic.twitter.com/7Qlu3Pwb19

— Peter McCormack (@PeterMcCormack) August 19, 2019

The Evidence Against Wright

Several indicators point towards Wright’s document being falsified. First, the upload date has been removed. This would not necessarily be a clear indicator, but a bit of further digging reveals that the only snapshot of the paper was August 18 of this year.

Second, the metadata of the document reveals that it was updated on August 18 as well. What’s more, it was created using Office 365, only released in 2011. These details make the creation of the document in 2007 an impossibility.

Finally, and perhaps most notable, a quick Google search of the title reveals that Wright published a paper of similar content in 2008. While this would seem indicative of a connection, the opposite is true.

The original paper does not contain the verbiage that the one from 2007 allegedly does. This appears to show that Wright added the sentence to the paper, more or less plagiarizing the Bitcoin whitepaper, and then published it as his own work.

StormGain

Scammers Gonna Scam?

This most recent revelation adds to the list of potentially false evidence Wright has claimed to produce. While claiming responsibility for Bitcoin, he seems unable to produce conclusive proof of the claim.

Such antics also cast doubt on the viability of Wright’s other work, such as the hard forked coin, Bitcoin SV (BSV). While Wright claims that it maintains the original vision of Bitcoin, others disagree. Vitalik Buterin recently called it a ‘dumpster fire,’ and the community at large seems to have more or less ignored or rejected it.

Do you think Wright is truly Nakamoto and this is yet another error, or is he a scammer like McCormack claims? Let us know in the comments below!

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Peter McCormack Receives Astounding Support From Crypto Community In Case With Craig Wright

… times since last year for many different reasons, the most popular of which is his claim to be the original creator of Bitcoin, Satoshi Nakamoto. Among …
Peter-McCormack-Receives-Astounding-Support-from-Crypto-Community-in-Case-Against-Craig-WrightPeter-McCormack-Receives-Astounding-Support-from-Crypto-Community-in-Case-Against-Craig-Wright

Peter McCormack Receives Astounding Support From Crypto Community In Case Against Craig Wright

One of the “victims” of Dr. Craig Wright’s many lawsuits, Peter McCormack, is now being offered a lot of support from many people in the crypto community. McCormack, who is the host of a podcast called “What Bitcoin Did” was officially served on the 18th of April when he was sued by Wright for £100,000. It would seem now that public support is on McCormack’s side as he has not only received offers from the members of the crypto community but also from some very important industry titans themselves. Some of them include Michael Arrington who is the founder of TechCrunch, Josh Rager, a popular Bitcoin bull and crypto analyst, Changpeng Zhao – CEO of Binance – and also Jameson Lopp who is a popular analyst and Bitcoin developer.

Everyone Is On Peter’s Side

The very infamous Craig Wright has been in the news multiple times since last year for many different reasons, the most popular of which is his claim to be the original creator of Bitcoin, Satoshi Nakamoto. Among his other lawsuits is the Kleiman V. Wright where the Kleiman estate is accusing him of deliberately withholding funds that was supposed to have gone to Kleiman. Wright’s claims, actions and controversial nature has made him a bit of a “boycotted” figure as he was blacklisted by a few crypto exchange firms (including Binance) even though his Bitcoin SV (BSV) is currently the eighth largest cryptocurrency by market capitalisation. All of this is probably the reason why there is so much support for McCormack.

In this particular case, McCormack could decide to fight or not contest. Both options would be very costly for him especially if he loses but regardless of the outcome of the case, trial costs – if the case eventually does go to trial – could reach up to £750,000.

McCormack has however received incredible support from the community with a lot of people signifying their intention to help Peter with legal fees. These offers came from lawyers and even developers, one of them being popular analyst and Bitcoin developer, Jameson Lopp.

Lopp took to his Twitter to offer support for McCormack as a way of repaying a favour done two years back when McCormack had to fly to the U.S. to interview Lopp back in 2017.

According to Lopp’s tweet:

“You flew to the US to allow me to explain my perspective of Bitcoin; I just realized we chatted about Craig for a few minutes during that 2017 interview. I’ll happily return the favour and fly to the UK to explain to a judge that Craig is a pathological liar.”

Can Lopp Really Help Sway The Case?

Lopp is a very popular crypto proponent who has expressed his criticism for Craig Wright many times in the past. Sometime in May, Lopp published an article called “How Many Wrongs Make a Wright?” which was a culmination of a really long period of research and legal work resulting in an extensive publication about Wright’s claims.

After the piece was published, many people in the community seemed to criticize Wright a bit more as Lopp’s piece was factual and detailed enough to sway opinions. So, it’s very possible that Lopp, especially with the facts included in the piece, might be strong enough to help McCormack win the case against Wright.

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Jameson Lopp Supports McCormack’s Decision To Proceed With Lawsuit Against Craig Wright

Wright, who claims to be the creator of bitcoin, also known as Satoshi Nakamoto in the crypto community, had appealed to a UK court on 17 April, …

Jun 3, 2019 00:30&nbspUTC

| Updated:

Jun 3, 2019 at 13:51&nbspUTC

By&nbspRishma Banerjee

Peter McCormack, host of the popular podcast What Bitcoin Did, recently announced his decision to proceed with the lawsuit filed against him by Australian entrepreneur and Bitcoin SV proponent Craig Wright.

Wright, who claims to be the creator of bitcoin, also known as Satoshi Nakamoto in the crypto community, had appealed to a UK court on 17 April, accusing McCormack of defamation.

Craig Wright’s defamation charges started with Hodlonaut, and then continued after several people, including Peter McCormack, received similar legal notices.

With the lawsuit proceeding, McCormack received immense support from the community heavyweights such as bitcoin developer Jameson Lopp, TechCrunch founder Michael Arrington, and popular cryptoanalyst, Josh Rager.

Lopp stated in a tweet that McCormack had flown to the US to interview him in 2017. He offered to return the favour to McCormack by flying to the UK and offering his testimony to a judge while referring to Wright as “a pathological liar.”

Along with McCormack, Lopp is another of Wright’s most vocal opponents. Lopp has spent months researching for a deep-dive into Wright’s life. Titled “How Many Wrongs Make a Wright?,” the op-ed has been reviewed numerous times by researchers and legal teams. Lopp’s involvement and knowledge of Wright’s life make him a valuable witness and asset in McCormack’s fight against the plaintiff.

Many in the crypto community supported Lopp’s offer with some even referring to him as a “legend”.

McCormack also explained that he needed a trusted group of bitcoiners to do the best they could to raise funds in order to fight this lawsuit. He said,

“We will build the most vigorous defence possible and use the full weight of evidence that supports us in this case. I will likely require the support of expert developers, cryptographers and OGs to give evidence in support. Thank you to the many offers already received… While I can cover some of the cost, a solid defence will require a fund, and I am therefore accepting the advice and support of everyone.”

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.